Estimating Mentoring Fees

Introduction

Headstrt is Social Learning Network and our mission is to empower & incentivize our users to share wisdom with anyone on our network. Our motto is “Share Insights. Guide Others. Make Money”, this document focusses strictly on the 3rd part which is ‘Make Money’.

 

At Headstrt, we want to attract premier mentors from around the world, who are successful in their fields, have an impressive portfolio, have grown others in past, and an innate willingness to guide others objectively towards the outcome decided my mentee. 

 

Headstrt’s first job is to empower users to connect & partner with each other, securely book a personalized session and deliver on the same with transparency and trust, resolve disputes whenever case arises and deliver mutual feedback. While this is important and we take pride in this, our work & responsibilities don’t end here. 

 

The second part of our vision is to Incentivize users to give their best. We aim to make progress here with a combination of visibility, ratings, reviews, recognition but also compensation mentors can earn on our network. This document discusses how we go about estimating & updating mentoring fees and the several factors we consider in making this decision. 


 

Fees Estimation

Every user on our network who meets our compensation criteria is eligible to earn money on the Headstrt platform. Starting fees at Headstrt depends on several factors such as:

  1. Cost of living of the location the mentor is based in, compared with global purchasing power benchmarks

  2. Mentor’s Profile details

Every mentor who becomes eligible for mentorship, we recommend them a fee range from which they are eligible to choose a price point as their hourly mentoring fee. Mentoring fees will be in the currency of mentor’s local country and Headstrt will be deducting its commissions from this mentoring fees, to pass on the rest to the mentor as Mentor’s payout from that session. But there are also several other factors that will be influencing mentoring fees in either direction and the next sections will cover them in detail.

Influencing Mentoring fees

Below factor will add to changes in Mentoring fees for a particular mentor:

  1. Performance: Strong reviews & ratings will lead to an increase

  2. Tenure : #Meetings, #Sessions, #Meeting hours, etc the mentor has completed

  3. No of comments: Total no. of comments on a Mentor’s profile

  4. Average Ratings: Combination of multiple ratings eg. expertise, satisfaction, etc if it keeps increasing we raise prices.

  5. Endorsements: Number of unique endorsees for this person 

  6. Certificates: Quality & quantity of certificates will lead to an increase

  7. Online Portfolio: Weblinks, Social Media Profiles & Quality of portfolio

  8. Quality of Insights: #Views, #Comments & #Endorsements on Insights

  9. Demand & Supply: #Sessions requested by mentees Vs the amount of time the mentor can dedicate

  10. Invitations: #Users who have signed up using a Mentor’s invitation link

 

Slashing Mentoring Fees:

 

Below factor will add to rises in Mentoring fees for a particular mentor:

  1. Complaints: Number of reported complaints against the mentor from those in a session with him 

  2. Missed Meetings: No of times a mentor has missed a meeting

  3. Cancellation: We will reduce the price if the number of cancellations reaches a certain level combined with time when he canceled.

  4. Tardiness: We will reduce the mentoring fees if the Mentor under-delivers on this aspect.  

  5. Inaction: Mentors with poor or long response time, will suffer a downward correction in their mentoring fees. 

  6. Hanging up before time: #Times a Mentor ended the meeting pre-maturely and the mentee filing a complaint for the same. 

  7. Requested Refunds: No. of refunds requested for each Mentor.

 

Moving Forward

We will continue to make our pricing model more accurate with time to ensure that we are able to handsomely compensate the best mentors and keep slashing prices for everyone else. We want to create a stimulating environment where our users feel motivated to give their best to each other and grow symbiotically. Fairness, Hardwork, Emotional Intelligence, Trust, Transparency, Conduct, Professionalism, Willingness to help, Flexibility, Conversation abilities are traits that we strongly value in addition to subject matter expertise and resourcefulness. We look forward to your feedback on how we can continue to make our pricing estimates better and be of better service to you.

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